Pay As You Go car finance (or black box car finance) works around a Hire Purchase agreement, which requires an initial deposit and a set of recurring monthly payments. What makes PAYG car finance from an HP agreement is the inclusion of a black box.
Having a black box on your car is similar to those fitted by insurance companies. Instead of monitoring a driver's behaviour, it acts as a hi-tech payment reminder.
This represents an average of the deals that our customers receive on other vehicles
We are a credit broker and a lender. We can introduce you to a limited number of lenders and their finance products. We will provide details of products available, but no advice or recommendation will be made. You must decide whether the finance product is right for you. We do not charge you a fee for our services. Lenders will pay commission to us (either a fixed fee or a fixed percentage of the amount you borrow) for introducing you to them, this may be calculated in reference to a variable factor such as (but not limited to) the vehicle age, your credit score and the amount you are borrowing. Different lenders may pay different commissions for such introductions.